Bitcoin Shows Strength As Bulls Rally Past $20,500; Here Is What To Expect

Bitcoin Shows Strength As Bulls Rally Past $20,500; Here Is What To Expect
  • BTC price reclaims $18,500 as bulls push price high to a region of $20,800 for the first time after several weeks
  • BTC price continues to look strong on a lower timeframe above the 50 and 200 Exponential Moving Average (EMA) 

The price of Bitcoin (BTC) in recent days has shown what it feels like to experience a bull run as the price of Bitcoin (BTC) showed some great strength, rallying from a low of $15,700 to a high of $20,800.

Although the price of BTC still looks far from its all-time high of $69,500 after suffering over 80% loss in price as the price of other altcoins experienced far more declines. It has been a relief bounce for Bitcoin (BTC) and many altcoins in the market, as many hope for a better time.

Related Reading: Bitcoin Price Shows Strength Amid Breakout, Is $18,500 Possible For Bulls?

Bitcoin (BTC) Price Daily (1D) Chart Analysis

The past few months of 2022 haven’t been the best of times for many crypto projects, including the likes of Bitcoin (BTC) and Ethereum (ETH), as the crypto market faced more of a downside price movement compared to an upside price as much crypto company suffered an increase difficult becoming insolvent as this created so much fear around the industry.

This led to many believing that the market could suffer more losses to a region of $10,000 as this has been found to be an area of strong demand in recent times.

After hovering within the range of $15,700 to $16,500 for about 60 days, the price of BTC broke out to a region of $18,500, where it was faced with resistance to pass this region, proving to be an interest for many traders. 

BTC’s price broke past the region of $18,500 as this region has been flipped into resistance, with the price of BTC rallying to a high of $20,900 where it was faced with a strong resistance to break above the 200 EMA, which corresponds to $21,500.

A break and close above $21,500 for the BTC price could lead to more price rallies to a region of $25,000 and possibly $30,000.

Major BTC Resistance On The 1D Chart – $21,500

Major BTC Support On The 1D Chart  – $19,000

Four-Hourly (4H) BTC Price Chart Analysis

BTC Four-Hourly (4H) Chart Analysis – Source: BTC Chart From

The 4H chart for BTC price looks explosive as the price rallied with so much strength from $16,800 to a high of $20,800. The price of BTC needs to break and close above the region of $21,500 for more relief rallies. 

If the price of BTC fails to break above this region of $21,500, we could see a healthy correction to a region of $19,500 to $19,000 before price continuation. 

The Relative Strength Index (RSI) for BTC price is above the 70 mark, indicating a minor correction could be imminent before price continuation.

Major BTC Resistance On The 4H Chart – $21,500

Major BTC Support On The 4H Chart – $19,500-$19,000

Image From Depositphotos, Chart From Tradingview
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Bitcoin Price Shows Strength Amid Breakout, Is $18,500 Possible For Bulls?

Next Post
Binance Coin

Binance Coin Struggles As Price Trades Above $290; Will Bulls Reclaim $320?

Related Posts